Ola Electric closes Rs 3,200 crore funding round in a mix of debt and equity
Electric vehicle manufacturing major Ola Electric announced on October 26 that it has closed a Rs 3,200 crore (approximately $380 million) funding round with a mix of debt and equity from Temasek-led prominent investors and debt from the State Bank of India (SBI).
The funds raised will be used to expand Ola’s EV business and to set up India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu, the firm said in a statement. “We are committed to developing core technologies in EVs and cell and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility,” said founder and chief executive officer Bhavish Aggarwal.
The fundraising was part of Ola’s plans to raise around $300-$400 million ahead of its public listing plans. The funding took place in multiple rounds, and in September, the EV maker closed $140 million in funding from Temasek. Ola Electric also raised $200 million from Tekne Private Ventures, Edelweiss and others in January this year.
